Ringing Ears Treatment Market to reach a valuation of US$ 3.2 Bn by the end of 2031 – Persistence Market Research
Market Study on Ringing Ears Treatment: Subjective Tinnitus Indication Accounts for Over 95% Market Share
New York, May 12, 2022 (GLOBE NEWSWIRE) — Rising cases of cochlear hair cell damage and earwax blockage, and increase in usage of headphones are leading to rising occurrence of ringing ears, which has fueled the market to record a value of US$ 2.5 Bn in 2021. It is expected that this market will expand at a CAGR of 2.8% over the forecast period (2021-2031).
Recent advancements in ringing ears treatment management devices have generated a lot of buzz regarding tinnitus management, and have thus increased awareness among individuals. Hearing aids are the most commonly employed devices for the treatment of hearing impairment, especially due to their masking effect and provision to hear sounds from the natural environment
Tinnitus is the third-most serious hearing impairment across the globe. Tinnitus is classified into subjective and objective, out of which, incidence of subjective tinnitus is more than 70%. The ringing ears management market is set to flourish owing to increasing incidence of subjective tinnitus, especially in developing markets. The market is currently witnessing a massive hike due to innovative and technologically enhanced advancements in tinnitus management devices.
- For instance, companies such as Signia are currently manufacturing hearing aids coupled with a smart algorithm compatible with smartphones and Bluetooth devices, and offer complete background noise cancelling features as well.
Furthermore, the option of using drugs as an assistive therapy for ringing ear management is also surfacing. Several studies have presented that drug classes such as anti-epileptics and anti-anxiety can help in distress management that results from ringing ears. This will certainly drive the market positively for tinnitus drugs and devices.
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Key Takeaways from Market Study
- By product, devices accounted for a higher market share of 93.7% by value in 2020.
- Subjective tinnitus accounted for more than 95% of market share by value as an indication in 2020.
- By distribution channel, audiology centers are preferred more by patients, and the segment held a market share of 38.1% in 2020.
- North America accounted for the highest market share of 52.9% by value in 2020.
“Growing R&D investments by key players along with government initiatives for increasing awareness about ringing ear treatment will boost market growth over the forecast period,” says an analyst of Persistence Market Research.
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Market Competition
Key manufacturers of ringing ears treatment systems are focusing on forming strategic partnerships through acquisitions and mergers to enhance their presence across the world, resulting in an enhanced customer base for manufacturers and distributors. Key players are also focusing on product launches to stay ahead in the competition
- In August 2021, Starkey Laboratories Inc. launched Evolv AI, the most innovative line of hearing aid, which not only emphasizes sharp hearing but also enhances overall user experience.
- Sanofi and Google joined in June 2019 to create a virtual innovation lab to drastically change how new medications and health services are delivered.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the ringing ears treatment market in its latest study, presenting a historical demand assessment of 2016 – 2020 and projections for 2021 – 2031.
The research study is based on the product (devices [sound masking devices, notched music devices, and hearing aids] and drugs [tricyclic anti-depressants, anti-convulsants, and anti-anxiety]), indication (subjective tinnitus and objective tinnitus), and distribution channel (audiology centres, ENT clinics, hospitals, and e-Commerce), across seven key regions of the world.
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